The FCA has published a speech on its role in promoting innovation and key points include: (i) the FCA's interest in innovation relates to its competition objective. It set up Project Innovate almost two years ago and has now assisted more than 300 firms under it; (ii) interest in the FCA's regulatory sandbox has been high and the FCA is in the process of agreeing details of testing, timelines and consumer safeguards with the 24 successful applicants. A second round of sandbox applications will be opened in mid-November 2016 and the FCA hopes to see the same level of diversity as the first applications; and (iii) the FCA intends to hold a second TechSprint (or hackathon) event later in 2016 on the theme of "unlocking regulatory reporting". It held its first TechSprint in April 2016, focusing on increasing consumers' access to financial services.